M. HENCKENS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M. HENCKENS
Largest movements
- Receivables within one year +€23,946
up €23,946 (+1,061%), from €2,257 to €26,203
of which Trade receivables: +€14,326
- Cash +€21,624
up €21,624 (+55.3%), from €39,076 to €60,700
mainly Net result for the year (+€46,866) and Tax, wage and social debts (+€15,853)
- Tangible fixed assets +€8,666
up €8,666 (+25.3%), from €34,232 to €42,898
of which Other tangible fixed assets: +€12,927
- Reserves +€45,454
up €45,454 (+40.0%), from €113,505 to €158,959
of which Distributable reserves: +€45,454
- Tax, wage and social debts +€15,853
up €15,853 (+463%), from €3,426 to €19,279
of which Taxes: +€10,853
- Trade debts -€5,685
down €5,685 (-60.4%), from €9,417 to €3,732
- Other debts -€1,465
no longer reported in 2025 (was €1,465)
- Profit (loss) carried forward +€1,412
up €1,412 (+1.7%), from -€82,797 to -€81,385
- Gross operating margin +€67,808
up €67,808 (+789%), from €8,597 to €76,405
- Taxes +€21,124
up €21,124, from -€1,260 to €19,864
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,565 | €129,801 | +€54,236 | +71.8% |
| Fixed assets | 21/28 | €34,232 | €42,898 | +€8,666 | +25.3% |
| Tangible fixed assets | 22/27 | €34,232 | €42,898 | +€8,666 | +25.3% |
| Land and buildings | 22 | €15,059 | €13,189 | -€1,870 | -12.4% |
| Furniture and vehicles | 24 | €19,173 | €16,782 | -€2,391 | -12.5% |
| Other tangible fixed assets | 26 | - | €12,927 | +€12,927 | |
| Current assets | 29/58 | €41,333 | €86,903 | +€45,570 | +110% |
| Amounts receivable within one year | 40/41 | €2,257 | €26,203 | +€23,946 | +1,061% |
| Trade receivables | 40 | - | €14,326 | +€14,326 | |
| Other amounts receivable | 41 | €2,257 | €11,877 | +€9,620 | +426% |
| Cash at bank and in hand | 54/58 | €39,076 | €60,700 | +€21,624 | +55.3% |
| Total equity and liabilities | 10/49 | €75,565 | €129,801 | +€54,236 | +71.8% |
| Equity | 10/15 | €49,300 | €96,166 | +€46,866 | +95.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €113,505 | €158,959 | +€45,454 | +40.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €111,646 | €157,100 | +€45,454 | +40.7% |
| Profit (loss) carried forward | 14 | -€82,797 | -€81,385 | +€1,412 | +1.7% |
| Provisions and deferred taxes | 16 | €11,957 | €10,624 | -€1,333 | -11.1% |
| Provisions for liabilities and charges | 160/5 | €11,957 | €10,624 | -€1,333 | -11.1% |
| Pensions and similar obligations | 160 | €11,957 | €10,624 | -€1,333 | -11.1% |
| Amounts payable | 17/49 | €14,308 | €23,011 | +€8,703 | +60.8% |
| Amounts payable within one year | 42/48 | €14,308 | €23,011 | +€8,703 | +60.8% |
| Trade debts | 44 | €9,417 | €3,732 | -€5,685 | -60.4% |
| Suppliers | 440/4 | €9,417 | €3,732 | -€5,685 | -60.4% |
| Taxes, remuneration and social security | 45 | €3,426 | €19,279 | +€15,853 | +463% |
| Taxes | 450/3 | €3,426 | €14,279 | +€10,853 | +317% |
| Remuneration and social security | 454/9 | - | €5,000 | +€5,000 | |
| Other amounts payable | 47/48 | €1,465 | - | -€1,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,826 | €8,447 | +€621 | +7.9% |
| Other operating charges | 640/8 | €1,030 | €1,216 | +€186 | +18.1% |
| Gross operating margin | 9900 | €8,597 | €76,405 | +€67,808 | +789% |
| Operating profit (loss) | 9901 | -€259 | €66,742 | +€67,001 | |
| Financial income | 75/76B | €116 | €212 | +€96 | +82.8% |
| Recurring financial income | 75 | €116 | €212 | +€96 | +82.8% |
| Financial charges | 65/66B | €51 | €224 | +€173 | +339% |
| Recurring financial charges | 65 | €51 | €224 | +€173 | +339% |
| Profit (loss) for the period before taxes | 9903 | -€194 | €66,730 | +€66,924 | |
| Income taxes | 67/77 | -€1,260 | €19,864 | +€21,124 | |
| Profit (loss) for the period | 9904 | €1,066 | €46,866 | +€45,800 | +4,296% |
| Profit (loss) for the period to be appropriated | 9905 | €1,066 | €46,866 | +€45,800 | +4,296% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.